New Mexico Cash Advance

The New Mexico cash advance business is going strong. AdvanceCash.info is glad to be able to offer our customers a quick, efficient, and secure way to obtain the funds they need in an emergency. A New Mexico cash advance with AdvanceCash.info only takes a few minutes to complete, thanks to our secure online application. Allowing us to provide you with a cash advance may prevent the terrible stress of bounced checks, past due bills, and late fees.

Cash Advance Lending laws For New Mexico

In New Mexico, payday lending is legal. The state doesn't over regulate the industry, and allows the New Mexico cash advance companies to provide many services to their customers. There are no laws regulating the amount of the loans, nor is there a law that states the length of the loan term. Borrowers can have as many loans at one time as they wish, and there is no waiting period before a borrower can receive another loan.

There are many cash advance businesses in the state because of the lack of regulation by the New Mexico government. There are over 760 cash advance lenders in the state, allowing New Mexico to rank 10th in the nation for the number of payday lenders.

Residents outside of New Mexico also have access to cash advance services, as well. If you live anywhere in the United States, you can use the services of the same New Mexico cash advance services that are available to New Mexico residents. If you need a quick cash advance, you can use our company to help you pick up the slack when bills get a bit overwhelming. If you are a resident of New Mexico and you have bills that can't wait until payday, use our easy, secure online application to apply for funds that you may receive the same day. Do you need help making the payment on a loan or a credit card, and will incur late fees and over-limit fees? We can help you. If this sounds like your situation, then it's time to contact us about a cash advance today! We can provide a New Mexico cash advance that can help you bridge the gap between what you have and what you need. Why be late on a payment that may cause your interest rates on your credit cards to skyrocket when you can get a short-term cash advance loan from us and save yourself money in the long run. Of course, we don't even ask why you need the money. That's your business alone.

Those people that reside in New Mexico will appreciate the ease of our cash advance system. The application process is fast, easy, and efficient, and is done entirely online. Residents of New Mexico, or any state in the Union, can get instant approval through our secure website. The entire application process is designed to make you feel comfortable and allow you to complete it easily.

Don't hesitate to get the cash you need from us. We're happy to provide the cash you need to pay your bills on time, every time. We provide all the services you need to get the best value in your New Mexico cash advance experience.

During the first legislative session of 2001, House Bill 870 was passed to govern cash advances in the state of New Mexico. The bill requires that any and all cash advance businesses in New Mexico have a minimum time limit of two weeks for each $50 a person borrows. For example, a customer that borrows $150 must be provided a time limit of 6 weeks minimum to pay it back.

As required by New Mexico law, a customer is permitted to make partial payments on whichever cash advance they have outstanding. The minimum payment for each installment is five dollars. For each payment, the lender must provide their customer a statement itemizing the updated payments and the new amount owed. Three hundred dollars is the maximum cash advance loan that a borrower can obtain from a single New Mexico cash advance lender. The minimum amount of a New Mexico cash advance is fifty dollars.

Any check accepted by a New Mexico payday lender must be endorsed with a stamp by the lender that says, "This check is being negotiated as part of a loan pursuant to the Payday Loan Act, and any holder of this check takes it subject to all claims and defenses of the maker."

The written agreement must be clear and easily understood. It must be provided by the cash advance lender who is allowing a customer to borrow money. This agreement must be written in both English and Spanish, and include the following information:

The borrower and cash lender's name, address, and current telephone number

All fees and interest that are to be applied to the cash advance

Disclosures required by the Truth in Lending Act

A detailed description of the borrower's payment structure, written understandably.

Also, in at least size 14 boldface print, the words, "You cannot be prosecuted in criminal court to collect this loan" must be included.

New Mexico cash advance lenders are required by law to show detailed charts and examples explaining exactly what a cash advance is. These must be displayed openly, and in a conspicuous place inside the business. Signs must also read: "Warning: fees and interest charged on cash advances made at this institution are higher than those charged at other financial institutions."

No criminal action may be undertaken or threatened against a borrower. Any borrower who cannot, in a timely fashion, repay their obligation because of financial hardship must not be threatened by the New Mexico cash advance lender. No new agreement can be made for a new New Mexico cash advance until the previous obligation has been satisfied.

Unemployment Statistics For New Mexico

The January 2006 statistics for unemployment in New Mexico show that the state had an unemployment rate of 5 percent. This number means that 46,697 New Mexico residents were without gainful employment on that date. This is much lower than the previous year's numbers, which placed unemployment at 5.5 percent. In the past 10 years, the unemployment rate peaked at 8.3 percent, before returning to more manageable levels.